Tycoon Henry Sy-led SM Development Corp. has expanded its interest in Taguig’s residential property market with the launch of the third tower of SM Grace Residences.

This residential project occupies 2.5 hectares of land along Cayetano Boulevard, near C5 road in Taguig City. The four-tower development will add about 3,500 units with gross floor area of about 160,000 square meters. The project is expected to be completed in three to five years.

For the third tower, one-bedroom units are available starting at P1.97 million for a 22-sqm unit.

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“We are pleased with the very warm reception from buyers of the first two towers of Grace Residences. Hopefully we will see more of the same for the next two towers of this project. Grace continues to be a highly attractive proposition since it is just minutes away from our newly opened SM Aura Premier, as well as from the Makati central business district and the Ortigas Center,” SMDC president Jeffrey Lim said in a statement.

The SM group is currently consolidating its property units, including SMDC, into a single publicly listed company under SM Prime Holdings Inc.